CANADA - The CAN$120bn (US$94.7bn) Caisse de dépôt et placement du Québec has appointed former Bell Canada Enterprises (BCE) chief executive Michael Sabia as its new president and CEO.
The appointment follows the resignation of Richard Guay from the post in early January 2009, following a period of medical leave, although he remains a strategic advisor to the fund (Globalpensions.com; 7 January 2009).
Caisse chairman Robert Tessier said: "We're very pleased that Mr. Sabia has accepted this challenge, and that we can draw on his financial acumen and experience as a senior corporate executive.
"The Board welcomes him to the institution and offers him its full support. Mr. Sabia's career has been marked by major achievements. He played a leading role in key stages of BCE's development, including the simplification of its operations, which resulted in strengthening the company's balance sheet and positioning it well for the future."
Sabia added: "The Caisse de dépôt et placement du Québec has played a unique role in the province and will continue to play a vital role. I'm eager to join its hundreds of dedicated employees and to work with them to restore Quebecers' pride in the institution."
BCE was recently subject to a protracted take-over attempt by the Ontario Teachers' Pension plan, which failed late last year when auditors expressed concerns over the solvency of the company post-acquisition (Globalpensions.com; 11 December 2008)
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